The recent events in our country and in the world have caused ripple effect stresses on American wallets, highlighting the importance of financial literacy (think: saving, budgeting, investing). Layoffs left millions struggling to afford childcare and rent, and 1 in 10 families had difficulty stocking fridges. Meanwhile, stimulus payouts padded savings and sparked a surge in young retail investors.
Here are some sobering statistics that tell us that financial literacy is desperately needed:
- According to CareerBuilder, a sobering 78% of Americans live paycheck to paycheck
- Even though there is an executive order to suspend students loans until May 1, 2022, there are 45 million borrowers who collectively owe more than $1.7 trillion in student loan debt in the U.S., according to First Republic
- The Federal Reserve Bank of NY reports that household debt is up to $15.58 trillion, an increase of over $1 trillion from just last year.
Now is a perfect time to explore new ideas and tools that empower families during these wild economic times.
There are seven components of financial literacy, which include earning, spending, saving and investing, borrowing, and protecting.
We can teach you how to manage all of these and more.
With our Wealth Management Accounting Strategy, we teach clients to Create, Preserve, and Retain Wealth.